Almost half of parents have made no financial preparations for child's third-level education, survey finds
Parents expect to pay out over €5,122 a year to send a child to college - but almost half have made no financial preparations, according to a new study.
A new survey, carried out for Aviva by RED C, shows that figure doubles if the student has to move away from home.
The survey found that just over a quarter of Irish parents (27%) are currently saving for their children’s education.
The research, carried out for Aviva by RED C, found some were open to the idea of a student loan system with repayment to be contingent on the income earned by graduates.
Three out of four parents intending to send their children to college or university thought a student loan system was at least worth exploring as a funding option.
A quarter thought it was a great idea while 2% said it was the only way their children could afford to go to college or university. Overall, just over a fifth of parents were opposed to the idea. Opposition was higher among students, at 35% but a clear majority (59%) felt it was an option at least worth exploring. One in four students thought it was a great idea.
Commenting on the Report, Ann O’Keeffe, head of individual life and pensions at Aviva said: “Parents want to give their children the best possible chance in life and in Ireland that has always meant giving them the best education you can afford. In that context, it’s not surprising that parents want to explore all options for funding Higher education, including the option of a student loan system.
“But whatever the outcome of that debate, education will continue to be a big item in the family budget.”
